May 23, 2024
Bitcoin Traders Signals Key Levels, Bitcoin Price Today is $63,614
Bitcoin price today

Bitcoin Traders Signals Key Levels, Bitcoin Price Today is $63,614

Tuesday, May 07, 2024: Bitcoin Price Today is $63,614, surged back above $64,000 on May 7 as Bitcoin Traders engaged in liquidity maneuvers on both ends of the order book. According to data from TradingView, BTC witnessed a rise from the day’s low of $62,864 on Bitstamp.

BTC/USD 1-hour chart. Source: TradingView

Despite being within a trading range since May 3, BTC/USD exhibited sharp moves in either direction, leading to the liquidation of positions.

Trader Insights and Analysis

BTC liquidation heatmap (screenshot). Source: CoinGlass

Commenting on the recent price action, popular trader Daan Crypto Trades highlighted the closure of the weekend’s CME futures gap. He noted that it took some hours after the futures reopened, but the closure occurred on Monday, a pattern observed quite often.

BTC/USD chart with CME futures data. Source: Daan Crypto Trades/X

Among fellow Bitcoin traders, one trader Skew emphasized key levels to monitor, noting the current choppy movement around $64K. Skew pointed out the recovery from two-month lows near $58,000, distinguishing this bull market from 2021, attributing it to spot buyer demand.

“Going forward structurally important to trade Monthly open & $61K as market demand. HTF pivot $67K.”

BTC/USD chart. Source: Skew/X

Spot Bitcoin ETFs Experience Strong Inflows

On May 6, United States spot Bitcoin exchange-traded funds (ETFs) witnessed robust inflows. Data from various sources, including the United Kingdom-based investment firm Farside, confirmed positive flows for all ten spot ETFs, totaling $217 million. Even the Grayscale Bitcoin Trust (GBTC) saw neutral to positive flows. Notably, on May 3, GBTC experienced its first day of inflows since its conversion to an ETF.

Bitcoin spot ETF flows (screenshot). Source: Farside

WhalePanda, a popular commentator, emphasized the significance of positive inflows, suggesting bullish implications as long as they remain positive. Additionally, he noted stable volume-wise inflows to the newly launched Hong Kong spot ETFs, ranging consistently between $8-9 million. This stability further contributed to a positive outlook for Bitcoin amidst the ongoing market dynamics.

Image by Eivind Pedersen from Pixabay

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